Time Warner Inc. (TWX) is rising 3 percent to $51.51. The company's fourth quarter profit improved from the previous year period and was above Wall Street view. Revenues were essentially flat, as growth at the Networks segment was offset by declines at the Film and TV Entertainment and Publishing segments. The company expects 2013 adjusted earnings per share to be in the low double digits off a 2012 adjusted earnings per share base of $3.28. The company also approved an increase in its regular quarterly cash dividend of 11 percent.

CVS Caremark Corp. (CVS) is gaining more than 1 percent to $52.50. The company's fourth quarter earnings increased from the same period a year earlier. Net revenues for quarter increased 10.9 percent and managed to beat the consensus estimate. The company raised its 2013 earnings guidance to reflect the anticipated two cents per share of accretion related to a debt tender and refinancing.

Biogen Idec Inc. (BIIB) is up 5 percent to $165.00. The company has agreed to purchase Elan's (ELN, ELA.L) interest in TYSABRI for an upfront payment of $3.25 billion plus tiered contingent payments based on future worldwide sales. The company expects this transaction to be immediately accretive to its earnings per share.

Hewlett-Packard Co. (HPQ) is rising over 2 percent to $17.05 amidst reports that the company is studying a break-up possibilty, after its peer Dell Inc. (DELL) agreed to go private in a $24.4 billion deal.

Ralph Lauren Corp. (RL) is rising 7 percent to $177.00. The company's third quarter earnings and net revenues improved from the previous year period. Consolidated comparable-store sales rose 4 percent on both reported and constant currency basis. The company also raised its fiscal 2013 profit outlook.

Metals USA Holdings Corp. (MUSA) is jumping 15 percent to $20.76 following the news that Reliance Steel & Aluminum (RS) has agreed to buy the company for $20.65 per share in cash.

Decliners:

Marathon Oil Corp. (MRO) is falling nearly 3 percent to $33.76. The company's fourth quarter profit declined from the year-ago quarter and its adjusted earnings per share missed Wall Street view. Meanwhile, total revenues and other income improved from the prior year period and were above analysts' estimate.

Trading halt:

Trading in shares of Retalix Ltd. (RTLX) was halted. NCR Corp. (NCR) has completed its acquisition of the company for $30 per share.